Association between accounting performance measures and stock prices
作者： Joseph H Anthony , K Ramesh
DOI: 10.1016/0165-4101(92)90018-W
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摘要: Abstract This paper posits that stock market response to two accounting performance measures - sales growth and capital investment is a function of firm life cycle stage. Firms are grouped into various portfolios using dividend payout, growth, age. As predicted, the empirical results indicate monotonic decline in coefficients unexpected from stagnant stages. Additional analysis suggests this relation not driven by size effect, risk differences, or measurement error proxies for measures.
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